Jan 15, 2021 (AmericaNewsHour) -- The global pharmaceutical filtration market is segmented into technology such as ultrafiltration, nanofiltration, microfiltration, ion exchange, and others. Among these segments, microfiltration captured the biggest share in 2016 and it is expected to continue its dominance during the forecast period. Likely, huge usage of microfiltration technology for various applications is predicted to propel the growth of microfiltration segment. Moreover, increasing government initiatives and funding is also positively impacting the growth of pharmaceutical filtration market.
Global pharmaceutical filtration market is projected to register a 11.8% CAGR over the forecast period. Moreover, the global Pharmaceutical Filtration Market is anticipated to reach USD 29.9 Billion globally by 2024. The market is expected to expand on the back of developing healthcare infrastructure and robust expansion of biopharmaceutical industry.
The membrane filters segment by product type grasped the largest segment in the overall pharmaceutical filtration market. Further, this growth of membrane filters segment is attributed to the high usage in research, production and others applications in pharmaceutical industry. In terms of regional platform, North America and Europe are the most prominent regional market of pharmaceutical filtration. In addition to this, rise in manufacturing of vaccines along with growing prevalence of numerous diseases are the factors bolstering the market of both the regions.
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Technological advancement in filtration process
Technological advancement regarding filtration techniques and adoption of innovative and advanced pharmaceutical filtration are believed to be dynamic factor behind the rapid growth of pharmaceutical filtration market over the forecast period. Furthermore, continuous research and development activities in order to introduce advanced and innovative pharmaceutical filtration by major key players are envisioned to flourish the growth of pharmaceutical filtration market.
Increasing prevalence of diseases
Growing geriatric population across the globe coupled with rising incidence of population affected with viral and chronic diseases has fostered the demand for advanced drugs and vaccines which are expected to propel the growth of pharmaceutical filtration market. Moreover, growing manufacturing of generic drugs and robust expansion of pharmaceutical industry are some of the factors impelling the growth of pharmaceutical filtration market.
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On the contrary, high initial investment associated with pharmaceutical filtration is projected to restrain the market of pharmaceutical filtration. Further, strict validation and qualification procedures in different countries are anticipated to hamper the growth of pharmaceutical filtration market during the forecast period.
The report titled "Pharmaceutical Filtration Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation" delivers detailed overview of the global pharmaceutical filtration market in terms of market segmentation by product type, by application, by technology and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
This report also provides the existing competitive scenario of some of the key players of the global pharmaceutical filtration market which includes company profiling of 3M Company, Amazon Filters Ltd., Eaton Corporation PLC, GE Healthcare, Graver Technologies, Llc, Meissner Filtration Products, Inc., Merck KGAA, Pall Corporation, Parker Hannifin Corporation and Sartorius Stedim Biotech S.A. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global pharmaceutical filtration market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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